PICOBEL-LO: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
PICOBEL-LO
Largest movements
- Stocks and contracts -€19,629
down €19,629 (-33.3%), from €58,866 to €39,237
- Cash -€10,701
down €10,701 (-79.2%), from €13,519 to €2,818
mainly Trade debts (-€37,816) and Tax, wage and social debts (-€20,294)
- Tangible fixed assets -€4,825
down €4,825 (-73.1%), from €6,604 to €1,779
of which Plant, machinery and equipment: -€4,557
- Trade debts -€37,816
down €37,816 (-79.2%), from €47,774 to €9,958
- Tax, wage and social debts -€20,294
down €20,294 (-91.2%), from €22,254 to €1,961
- Profit (loss) carried forward +€10,393
up €10,393 (+55.2%), from -€18,837 to -€8,444
- Other debts +€7,692
up €7,692 (+99.0%), from €7,767 to €15,459
- Accrued charges and deferred income +€4,571
up €4,571 (+571%), from €800 to €5,371
- Gross operating margin +€8,622
up €8,622 (+53.7%), from €16,055 to €24,677
- Taxes +€2,001
new in 2025: €2,001
- Other operating charges -€1,583
down €1,583 (-53.7%), from €2,950 to €1,367
- Staff costs -€600
down €600 (-44.5%), from €1,348 to €749
- Depreciation -€468
down €468 (-7.5%), from €6,212 to €5,744
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €79,648 | €44,493 | -€35,155 | -44.1% |
| Fixed assets | 21/28 | €7,263 | €2,438 | -€4,825 | -66.4% |
| Tangible fixed assets | 22/27 | €6,604 | €1,779 | -€4,825 | -73.1% |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €5,124 | €567 | -€4,557 | -88.9% |
| Furniture and vehicles | 24 | €1,479 | €1,212 | -€267 | -18.1% |
| Financial fixed assets | 28 | €659 | €659 | = | 0.0% |
| Current assets | 29/58 | €72,385 | €42,055 | -€30,330 | -41.9% |
| Stocks and contracts in progress | 3 | €58,866 | €39,237 | -€19,629 | -33.3% |
| Stocks | 30/36 | €58,866 | €39,237 | -€19,629 | -33.3% |
| Cash at bank and in hand | 54/58 | €13,519 | €2,818 | -€10,701 | -79.2% |
| Total equity and liabilities | 10/49 | €79,648 | €44,493 | -€35,155 | -44.1% |
| Equity | 10/15 | €1,052 | €11,445 | +€10,393 | +988% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,289 | €1,289 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,289 | €1,289 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,837 | -€8,444 | +€10,393 | +55.2% |
| Amounts payable | 17/49 | €78,595 | €33,048 | -€45,547 | -58.0% |
| Amounts payable within one year | 42/48 | €77,795 | €27,677 | -€50,119 | -64.4% |
| Trade debts | 44 | €47,774 | €9,958 | -€37,816 | -79.2% |
| Suppliers | 440/4 | €47,774 | €9,958 | -€37,816 | -79.2% |
| Advances received on contracts in progress | 46 | - | €299 | +€299 | |
| Taxes, remuneration and social security | 45 | €22,254 | €1,961 | -€20,294 | -91.2% |
| Taxes | 450/3 | €22,254 | €1,961 | -€20,294 | -91.2% |
| Other amounts payable | 47/48 | €7,767 | €15,459 | +€7,692 | +99.0% |
| Accrued charges and deferred income | 492/3 | €800 | €5,371 | +€4,571 | +571% |
| Remuneration, social security and pensions | 62 | €1,348 | €749 | -€600 | -44.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,212 | €5,744 | -€468 | -7.5% |
| Other operating charges | 640/8 | €2,950 | €1,367 | -€1,583 | -53.7% |
| Gross operating margin | 9900 | €16,055 | €24,677 | +€8,622 | +53.7% |
| Operating profit (loss) | 9901 | €5,545 | €16,817 | +€11,272 | +203% |
| Financial income | 75/76B | €300 | €1 | -€300 | -99.8% |
| Recurring financial income | 75 | €300 | €1 | -€300 | -99.8% |
| Financial charges | 65/66B | €4,207 | €4,424 | +€217 | +5.2% |
| Recurring financial charges | 65 | €4,207 | €4,424 | +€217 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €1,639 | €12,394 | +€10,755 | +656% |
| Income taxes | 67/77 | - | €2,001 | +€2,001 | |
| Profit (loss) for the period | 9904 | €1,639 | €10,393 | +€8,754 | +534% |
| Profit (loss) for the period to be appropriated | 9905 | €1,639 | €10,393 | +€8,754 | +534% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.